On July 24 and 25, the Vulcan Post team found ourselves at Hilton Kuala Lumpur for the Tech in Asia Conference 2024.
We heard that about 2,000 people were in attendance on the first day, but if you weren’t one of the many faces in the crowd, we’ve got you covered.
While you can check out more detailed insights into several panels, chats, and speeches given here, this article is about some things we kept hearing during the two-day conference.
1. Malaysian founders and startups are undervalued
This.
Across many talks and panels, we kept hearing about how Malaysian startups are undervalued. Some talking about it in the figurative sense, some in the literal, numerical sense.
Compared to startups in neighbouring countries such as Singapore or Indonesia, Malaysian startups tend to get a lower valuation, even when the business ideas are similar.
Pushing past the notion of bias, the fact of the matter is that the total addressable market here is simply not enough.
So, what does this mean for Malaysian founders? Well, it means you’ll have to look beyond.
2. Malaysian startups must think regionally from day one
By just going across the causeway, you might be able to fetch a much higher valuation.
While capturing the local market is still as important as ever, it’s also important for startup founders in Malaysia to realise that it’s not enough to just focus on the local market.
You need to be crafting that regional narrative to investors from day one. You need to be thinking about the region from the get go. Instead of thinking about your brand solely as a local brand, you must play into Malaysia’s geopolitical advantages and frame yourself as a regional startup.
3. Make wise connections
How apt that a networking event would talk about connections, am I right?
Multiple founders during the talk advised attendees to choose their co-founder very, very carefully. We’re hoping they’re not speaking from bad personal experiences, but well, it seems like they’re speaking from firsthand experiences.
There was even a whole session talking about co-founder relationships, because running a startup isn’t just about finding product-market fit, it’s about finding the right talent-company fit too.
This is especially relevant when a company starts to expand globally as well. Not only must you find the right co-founders to lead with you, you must also connect with the right partners and find the right cultural fit.
Going back to the product-market fit comparison, we also heard the term “market-product fit” during the conference. It’s not always about finding or localising a product to suit a certain market—companies need to determine whether a market is right for them in the first place.
4. Malaysia is on the rise
It shouldn’t be surprising that this sentiment constantly came up during the conference, seeing that it was the theme.
Starting with the keynote speech delivered by 500 Global’s Khailee Ng to Carsome’s Eric Cheng’s comments on Bursa Malaysia being an attractive market, the two-day conference was one filled with the sentiment that Malaysia is full of potential. And we’re really not just saying this to pat ourselves on the shoulders.
But enough optimism. How do we actually ride and take advantage of what’s happening?
To that, Khailee Ng said, “Good news is you never needed good news.”
Malaysian founders and talents have always been able to do great things even with no good news coming our way.
That said, the venture capitalist also shared that confidence breeds confidence. Let success stories (like Khailee’s own) supercharge your own. This confidence can be used to make your team and investors believe in your vision.
So, to recap the two-day conference, Malaysia’s got great potential. We even have lots of talents and founders that have made good on that potential. Let their successes give you the confidence to grow the next big regional—or even global—startup.
- Learn more about Tech in Asia Conference here.
- Read other articles we’ve written about Tech in Asia Conference 2024 here.